Taking a job search to the streets, resumes in hand

Kelly Edwards, 54, who was laid off 4 years ago, holds a sign at a street corner in Pasadena, California April 25, 2012. Edwards has resorted to handing out resumes at street corners and accepting money from strangers to provide for his family.

Slightly fewer Americans filed for unemployment benefits in the latest week, but a more accurate gauge of labor market trends -- the four-week moving average -- deteriorated, raising further worries about the recovery.

The Labor Department reported that seasonally adjusted jobless claims slipped by 1,000 to 388,000 in the week ended April 21. The four-week moving average, however, rose by 6,250 to 381,750.

Both claims' gauges remain below 400,000, at least for now, but have been edging closer to a number that economists believe is a crucial signpost for the health of the job market.

Squawk Box host Andrew Ross Sorkin and his twins, Henry and Max Sorkin, along with CNBC's Rick Santelli and Steve Liesman break down the latest numbers on jobless claims and what it indicates about the U.S. economic recovery.